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The Six Principles of Loss Prevention

For better part of this decade, U.S. retailers as an industry have reported an average annual loss of approximately $35 billion due to theft and errors. Whether it be from external sources, such as shoplifting, or through internal employee theft, a retailer without an adequate loss prevention function will incur greater loss than a retailer who practices a well structured approach to attacking loss.

A well structured loss prevention function should include a program designed around six key principles. These six individual, but symbiotic, principles provide an approach that will focus on the prevention, identification and resolution of loss.